On Monday, Josep Borrell, the High Representative of the European Union for Foreign Policy, expressed confidence that the EU can proceed with providing military aid to Ukraine using funds from frozen Russian assets. Despite Hungary’s rejection of this decision, Borrell stated that most of the first 1.5 billion euros promised for July will go towards the European Peace Mechanism to purchase ammunition and anti-aircraft defenses for Kyiv.
The foreign ministers of the 27 EU member states gathered in Luxembourg on Monday to discuss transferring funds from Russian assets frozen in Europe. The decision was met with opposition from Hungary, which has refused to participate in military support for Ukraine. However, Borrell emphasized that legal mechanisms could allow progress to be made without Hungary’s involvement. The ministers are expected to approve allocating around 90 percent of these funds to the mechanism through which the EU has been sending war material to Ukraine since the start of the Russian invasion in 2022.
Borrell stressed that it is now about implementing a decision already made by member states and moving forward with the process swiftly to avoid any delays caused by Hungary’s objections. He emphasized that it is crucial for these funds to be channeled through the European Peace Mechanism as soon as possible so they can be used for military support to Ukraine promptly. The EU currently has 2.5 billion euros from frozen Russian assets, with a significant portion set to be channeled towards Ukraine’s war effort.
The bloc is committed to providing assistance to Ukraine in its fight against Russia’s aggression and aims to ensure that its citizens have access to peace and security once again.
